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High Grade Mining may seek private placements to fund exploration activities
By Sheri Kasprzak
New York, Oct. 14 - High Grade Mining Corp. said it may seek out a private placement in the near future to fund its operations and subsequent private placements to fund potential exploration activities.
"The future of the company is dependent upon its ability to obtain financing and upon future profitable operations from the development of its mineral claims," said the company's latest earnings report filed with the Securities and Exchange Commission on Friday. "Management has plans to seek additional capital through a private placement and public offering of its common stock."
The company, according to the earnings report, incurred a net loss of $24,879 for the quarter ended Aug. 31, 2005, compared with a net loss of $1,050 for the quarter ended Aug. 31, 2004. The company has sustained a net loss of $75,678 from inception in June 2003 to Aug. 31, 2005. High Grade has no sales, the report said.
High Grade has only one property in British Columbia.
"If we find mineralized material and it is economically feasible to remove the mineralized mineral, we will attempt to raise additional money through a subsequent private placement, public offering or through loans," said the report. "If we do not raise all of the money we need from our public offering to complete our exploration of the property, we will have to find alternative sources, like a second public offering, a private placement of securities or loans from our officers or others."
Based in West Vancouver, B.C., High Grade is a mineral exploration company.
The company's stock remained unchanged at $0.60 Friday.
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